Geithner: ‘Increase Financial Literacy’
I wish it were from The Onion, but unfortunately, it’s not:
While Americans from Wall Street to Main Street focus on much-needed financial reforms that will set and enforce clear rules across the financial marketplace, we also need to recognize that most Americans don’t have the knowledge and skills they need to make the right financial decisions for themselves and their families.
–“Using Education to Cope With a Complex Economy“; The Huffington Post (4/27/10)
Imagine just witnessing — OK, living through — the biggest (financial) freeway crack-up in almost 80 years.
The proximate causes (in order)?
No speed limits; defective cars; and no highway patrol (although if they’re no speed limits, exactly what are they enforcing?).
The solution(s) to the foregoing would obviously be: going 55 mph (vs. 200 mph-plus); well-designed cars; and cops.
So, is that what Timothy Geithner (Treasury Secretary), Arne Duncan (Education Secretary), and Valerie Jarrett (Senior Obama Advisor) — co-authors of the piece quoted above — are calling for?
They think the solution is for average Americans to become more financially literate.
In other words, prevent another financial crash by focusing on . . . better driver ed.